One year CD rates managed to squeeze out a small gain on the average yield for the best national CD rates.  The average rate for the top ten highest one year CD rates moved ahead by one basis point or 1/00 of a percent for the week ending May 7, 2010 based on the most recent survey of bank CD interest rates performed by Selectcdrates.com. 

The average rate for the top ten highest one year certificates of deposit available nationally ended the week at 1.53%, just ahead of last week’s average yield of 1.52%.

The highest one year CD rate available nationally remained unchanged but where there were two banks sharing top billing last week with the best one year CD rate, this week there are three banks.  The highest one year CD rate available nationally held at 1.55% and can be found at Sallie Mae Bank, Flagstar Bank and Ultima Bank Minnesota.

Competition for the best one year bank rates remains tight with two banks offering yields just one basis point below the lead rate.  Aurora Bank as well as Bank of Internet market one year term deposits that earn an interest rate of 1.54%.  Two more banks offer identical rates on their one year CDs, sharing the third highest rate available.  Nexity Bank and NewDominion Bank both have one year CDs at 1.51%.

The remaining three banks on the list of the top ten best one year CD rates have CDs that yield 1.50%.  The remaining three banks includes; H & R Block Bank, American Express Bank and Acacia Federal Savings Bank.

Changes to this week’s list from the previous week included adjustments at just two banks, both cases involving rate reductions.  Nexity Bank let their one year CD rate slide two basis points, moving the banks one year certificate a couple of notches down the list while State Bank of India pushed their one year CD down five basis points and right off of this week’s top ten list.  Sallie Mae Bank replaced State Bank of India for the current bank rate survey.

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